3 Apps to Uncover Hidden Monthly Fees and Subscriptions

In today’s digital era, automatic withdrawals have become a common method for managing recurring payments and expenses. While these automatic payments offer convenience, it’s essential to stay vigilant and keep track of them to avoid any surprises. 

Just like it’s important to track your spending habits, it’s equally as important to be aware of the automatic withdrawals across all of your bank accounts. By staying informed, you can take control of your finances and ensure your hard-earned money is being used wisely.

Fortunately, a few well-known apps, websites, and tools can help you uncover hidden fees and track your spending. 

1. Rocket Money

Rocket Money (once called Truebill) is a popular app that analyzes bank transactions, identifies subscriptions, and helps cancel unwanted services. It provides personalized recommendations for optimizing your finances and negotiating lower bills. Rocket Money is available for both iOS and Android devices.

Cost: Rocket Money offers a free version with optional premium features for a monthly fee.

How it works: 

• Visit the app store on your mobile device and search for “Rocket Money.” Download and install the app onto your device.
• Open the Rocket Money app and sign up for a new account if you’re a new user. If you already have an account, simply log in using your credentials.
• Once logged in, follow the prompts to connect your bank accounts and credit cards to Rocket Money. This allows the app to analyze your transactions and identify recurring expenses.
• Rocket Money may request permission to access your transaction data. Grant the necessary permissions to enable the app to analyze your account activity accurately.
• After connecting your accounts, Rocket Money will analyze your transactions and identify subscriptions. Explore the “Subscriptions” section of the app to see a list of your current subscriptions.
• If you come across subscriptions you no longer need or want, Rocket Money provides options to cancel them directly through the app. Follow the cancellation process outlined by Rocket Money, which may involve contacting the subscription provider or utilizing Rocket Money’s cancellation service.

Rocket Money also offers a bill negotiation service to help you lower your monthly bills. If interested in this feature, follow the prompts and provide the necessary information to initiate the negotiation process.

2. Mint 

Mint is a comprehensive personal finance app allowing you to track expenses, categorize transactions, and set budgeting goals. It provides a clear overview of your financial accounts, including automatic withdrawals. Mint is free to use and available for both iOS and Android.

Cost: Mint is free to use.

How it works: 

• Visit the app store on your mobile device and search for “Mint.” Download and install the app onto your device.
• Open the Mint app and sign up for a new account if you’re a new user. If you already have an account, simply log in using your credentials.
• Once logged in, follow the prompts to connect your bank accounts, credit cards, loans, and any other financial accounts you wish to track. Mint supports a wide range of financial institutions.
• Mint may request permission to access your transaction data and account information. Grant the necessary permissions to enable the app to gather your financial data securely.
• After connecting your accounts, Mint will automatically import your transaction data and categorize your expenses. Review the categorization and make any necessary adjustments to ensure accurate budgeting and tracking.
• Make it a habit to open the Mint app frequently and stay engaged with your financial data. Regularly review transactions, update budgets, and adjust goals to ensure you stay on track with your financial objectives.

Mint automatically categorizes your transactions, including automatic withdrawals, to give you an overview of your expenses. You can also set budgets, receive bill reminders, and track your financial goals.

3. Trim

Trim is an AI-powered financial assistant that helps you uncover hidden fees, cancel subscriptions, and negotiate bills. It analyzes your transactions, identifies recurring expenses, and provides actionable insights. Trim is free to use, and they can also negotiate bills on your behalf for a percentage of the savings.

Cost: Trim is free to use, but it can also negotiate bills on your behalf for a percentage of the savings.

How it works: 

• Go to the official Trim website on your web browser.
• If you’re a new user, click the “Sign Up” button and provide the required information to create a new account. If you already have an account, simply log in using your credentials.
• After signing in, follow the prompts to connect your bank accounts and credit cards to Trim. This will allow the tool to analyze your transactions and identify recurring expenses.
• Trim may request permission to access your transaction data. Grant the necessary permissions to enable the tool to analyze your account activity accurately.
• Once your accounts are connected, Trim will analyze your transactions and identify subscriptions. Explore the “Subscriptions” section on the website to view a list of your current subscriptions.
• If you come across subscriptions you no longer need or want, Trim provides options to cancel them. Follow the cancellation process outlined by Trim, which may involve contacting the subscription provider or utilizing Trim’s cancellation service.
• Trim offers a bill negotiation service to help you lower your monthly bills. If you’re interested in this feature, provide the information Trim requested to initiate the negotiation process.

Take some time to explore Trim’s settings and personalize them according to your preferences. Adjust notification preferences, manage linked accounts, and explore additional features or settings.

Personal Finance Management (PFM) Apps:

Cost: Various PFM apps are available for free or may offer premium features for a fee.

How they work: PFM apps like PocketGuard, Spendee, or Money Lover allow you to connect your bank accounts and credit cards to track your transactions. They categorize your expenses, including automatic withdrawals, and provide insights into your spending patterns.

Bank-Specific Apps and Features:

Cost: Depending on your bank, these apps and features may be free.

How they work: Many banks offer their own mobile apps with features to track transactions and set up alerts for automatic withdrawals. Check if your bank provides these features and take advantage of them to stay informed about your automatic payments. Wells Fargo, for instance, has one of the best bank apps.

The Importance of Tracking Automatic Withdrawals

You can identify any unnecessary or unauthorized charges by closely monitoring automatic withdrawals. This helps you avoid incurring fees for services you no longer need or unintentionally overlooked.

Keeping track of automatic withdrawals allows you to have a clear picture of your monthly expenses. It enables you to budget effectively, prioritize your spending, and make informed decisions about your financial priorities.

Subscription services can accumulate over time, leading to subscription creep, where you may pay for services you no longer use or need. Regularly reviewing your automatic withdrawals helps identify such subscriptions, allowing you to make adjustments and save money.

Alternative Ways to Track Your Spending

If you prefer a more manual approach or want to supplement the above tools, you can also track your spending using the following methods:

• Review Bank Statements: Regularly review your bank statements to identify automatic withdrawals and ensure they align with your intended expenses.
• Create a Spreadsheet: Build a simple spreadsheet to record your automatic withdrawals, including the name of the service, payment amount, and payment date. Update it regularly to track any changes.
• Set Alerts: Many banks offer alert features that can notify you whenever an automatic withdrawal occurs. Take advantage of these alerts to stay informed about your transactions.

Tracking automatic withdrawals is a crucial aspect of financial management. By monitoring your bank accounts, leveraging apps, or employing manual methods, you can uncover hidden fees, manage your expenses effectively, and maintain control over your finances. Take proactive steps to review your automatic payments regularly, adjust as needed, and optimize your financial well-being. Stay informed, stay in control, and make every dollar count.